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Forex Analysis: US Dollar Classic Technical Report 10.29.2012

Forex Analysis: US Dollar Classic Technical Report 10.29.2012

2012-10-29 10:55:00
Ilya Spivak, Head Strategist, APAC
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Prices continue to retest resistance-turned-support at the upper boundary of a falling channel set from the June 1 high (9897) having broken higher after forming a bullish Piercing Line candlestick pattern. A rebound sees initial resistance remains at 9963, the 38.2% Fibonacci retracement, with a push above that exposing the 50% Fib at 10032. Alternatively, a drop below support targets rising trend line support at 9859.

Forex_Analysis_US_Dollar_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: US Dollar Classic Technical Report 10.29.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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